The cryptocurrency market has added nearly $1 trillion in its entire market cap so far this year. The institutional demand for crypto investment products is surging amid a jump in the price of digital assets. According to the weekly cryptocurrency inflows report published by CoinShares, the digital asset investment products attracted a total of $99 million last week as the total cryptocurrency assets under management reached a record high of $57 billion.
Bitcoin attracted a total of $85 million last week.
The world’s leading cryptocurrency by market cap, bitcoin, attracted a total of $85 million last week. Ethereum and Polkadot reported weekly inflows of $8 million and $2 million, respectively. However, limited investment activities were reported in Binance, XRP, and Bitcoin Cash. “Since the February price highs and heightened volatility, we have seen a steady decline in appetite amongst crypto investors. However, it looks to be a regional divide, with declining interest from the US and sustained appetite in Europe and Canada. We have also seen a decline in Bitcoin Investment product trading volumes to $713 million per day last week, versus $1.1 billion per day for 2021,” CoinShares mentioned in its report.
The crypto market is up by more than 100% since the start of 2021.
The entire cryptocurrency market is up by more than 100% since the start of 2021. The overall market cap of digital assets touched an all-time high of $1.85 trillion over the last weekend. In the last 24 hours, the market saw a correction of nearly $100 billion. Bitcoin remained the largest cryptocurrency in terms of market cap, and the cryptocurrency is now trading near $54,000 with a market cap of around $1 trillion. Ethereum, the world’s second-largest cryptocurrency, is trading near $1,650.